CHINA-ECONOMY: US-CHINA TRADE
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U.S. goods trade deficit with China fell 5.4 percent year-on-year In the first quarter of 2016,due to weaker imports. U.S. imports from China in the first quarter fell 6.7 percent year-on-year—a sharp contrast from the last five years. This drop is driven by a 27.4 percent year-on-year drop in March imports. U.S. exports to China fell 10.4 percent year-on-year in 2016 Q1. In the last two years, China’s slowing economic growth has contributed to a year-on-year decline in U.S. export growth. In March, U.S. exports staged a recovery, increasing 11.2 percent month-on-month, but were still down 9.5 percent compared to a year ago. Due to falling imports and exports in the U.S.-China trade, in March, Canada returned as the largest U.S. trading partner, accounting for 15.2 percent of total U.S. trade in the first quarter of 2016, followed by China at 14.9 percent and Mexico at 14.6 percent.
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